Tax Refund: Want a quick tax refund? Here are 5 mistakes you must avoid..

Tax Refund: It is crucial to keep certain important points in mind while filing your Income Tax Return (ITR). Providing incorrect information or skipping a necessary step can delay the processing of your return, which in turn can delay the receipt of your tax refund.

Let us look at five key things to consider when filing your ITR to ensure a speedy tax refund. We will also explore how to check your refund status.

1. PAN-Aadhaar Linking and Profile Updates

If you are filing your ITR for the first time, start by registering as a taxpayer on the Income Tax Department's e-filing portal. Next, ensure that your PAN and Aadhaar are linked.

Additionally, details such as your name, date of birth, and gender must match your PAN records. Keep your mobile number, email ID, and address updated so the tax department can contact you if necessary.

2. Validate Bank Account and Choose the Correct ITR Form

If you are eligible for a tax refund, it will be credited directly to your bank account. Therefore, validating your bank account on the income tax portal is essential.

Your bank account must be linked to your PAN, and the IFSC and bank details must be accurate. The name on your PAN and the name registered with the bank account must match. Also, select the correct ITR form based on your sources of income; choosing the wrong form can lead to delays in processing your return and refund.

3. Reconcile Tax Exemption and TDS Details

If you are claiming any tax exemptions or deductions, verify the relevant documents. Also, reconcile the TDS, TCS, and other tax credit details with those listed in Form 26AS, the Annual Information Statement (AIS), and the Taxpayer Information Summary (TIS).

Any discrepancies found can delay the processing of your return. Rectifying these issues in time will help you avoid complications.

4. File ITR Early

Avoid waiting until the last minute. Filing your ITR early allows you to double-check all information and correct any errors. This also reduces the likelihood of the return being rejected or facing processing delays.

5. Do not forget e-verification after filing

Filing the ITR is not the final step. It is mandatory to e-verify the return within 30 days of uploading it.

This can be done using an Aadhaar OTP, a digital signature, or other available methods. If e-verification is not completed within the stipulated time, the ITR will be considered invalid, and consequently, the tax refund will not be issued.

How to check ITR refund status